Nelco Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2019 • Network Systems: 98.1% • Automation & Control: 1.9%
AI Sector View
AI GENERATEDInformation Technology
IT is supported by a still-expanding services backdrop and a weaker rupee. Export of services grew 13.0% YoY (2026-06), services PMI was 54.1 (Aug/26), and the currency at 95.23 (Sep/26) is depreciated versus the previous 95.16, which helps INR translation of export revenues. FPI positioning is only neutral-to-soft with net 3-month flow of INR -5 crore to 2026-08-31, so the positive stance is primarily macro-driven.
PROS
- Company is almost debt free
- Latest quarter profit grew 227.6% YoY, showing strong momentum
- Strong cash generation - operating cash flow backs reported profits (CFO/PAT 2.24x)
- Company has been maintaining a healthy dividend payout of 37.5%
- Working capital cycle has improved - days down from 19 to -43
- Company generates healthy free cash flow
CONS
- A large part of profit comes from other income (48.5% of PBT)
- Contingent liabilities are large at 72.7% of net worth
- Company has delivered a poor profit growth of -8.0% over past five years
- Operating margins have contracted to 10.5% from 22.3%
- Stock is trading at 9.1x its book value
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| NETWEB | 4899.55 | 111.74 | 29126.62 | 0.06 | 85.32 | 179.93 | 819.69 | 172.13 | 37.95 | 14.70 |
| NELCO | 958.20 | 566.44 | 2186.46 | 0.10 | 2.34 | 30.00 | 80.03 | 7.01 | 5.65 | 10.40 |
| IVALUE | 233.30 | 12.32 | 1277.40 | 0.00 | 15.72 | 51.74 | 179.73 | -21.14 | 25.50 | 9.69 |
| CONTROLPR | 588.75 | 24.17 | 941.66 | 1.70 | 3.92 | -54.23 | 115.56 | 3.84 | 17.99 | 13.24 |
| TVSELECT | 416.20 | 78.80 | 776.23 | 0.00 | -6.62 | -86.48 | 106.04 | 9.70 | 5.65 | -2.25 |
| DCI | 271.10 | 20.96 | 444.60 | 0.04 | 45.34 | 1120.13 | 1672.36 | 868.25 | 22.97 | 4.68 |
| EMPOWER | 2.11 | 12.70 | 245.56 | 0.00 | 1.49 | 778.82 | 37.38 | 40.81 | 1.78 | -1.12 |
| UMIYA-MRO | 99.95 | 28.53 | 186.75 | 0.00 | 0.24 | -99.25 | 16.33 | 27.25 | 29.94 | 27.92 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 56 | 54 | 58 | 55 | 53 | 50 | 51 | 51 | 47 | 49 | 50 | 53 | 55 | |
| 45 | 43 | 46 | 46 | 44 | 46 | 43 | 43 | 43 | 43 | 45 | 47 | 51 | |
| Operating Profit | 11 | 11 | 12 | 9 | 9 | 4 | 9 | 8 | 4 | 6 | 5 | 6 | 4 |
| OPM % | 19.54% | 20.73% | 21.22% | 16.07% | 16.91% | 8.87% | 16.64% | 16.03% | 9.02% | 12.38% | 9.34% | 10.60% | 7.01% |
| 0 | 1 | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 1 | -2 | 2 | -1 | |
| Interest | 1 | 0 | 1 | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 3 | 3 | 3 | 3 | 4 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 |
| Profit before Tax | 8 | 8 | 9 | 6 | 6 | 2 | 6 | 6 | 2 | 4 | -1 | 4 | 5 |
| Tax % | 28.22% | 25.00% | 38.04% | 25.09% | 25.32% | 26.26% | 29.31% | 100.47% | 26.11% | 24.30% | 18.57% | 26.58% | 25.20% |
| Net Profit | 6 | 6 | 5 | 4 | 4 | 1 | 4 | -0 | 1 | 3 | -1 | 3 | 4 |
| 2.44 | 2.64 | 2.40 | 1.83 | 1.81 | 0.58 | 1.92 | -0.01 | 0.51 | 1.19 | -0.25 | 1.22 | 1.66 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 26 | 32 | 34 | 38 | 131 | 143 | 197 | 223 | 206 | 198 | 206 | |
| 27 | 31 | 29 | 30 | 108 | 122 | 156 | 179 | 175 | 177 | 186 | |
| Operating Profit | -1 | 1 | 4 | 9 | 23 | 21 | 41 | 44 | 31 | 21 | 20 |
| OPM % | -4.44% | 3.95% | 13.20% | 23.01% | 17.80% | 14.98% | 20.87% | 19.64% | 14.89% | 10.54% | 9.76% |
| 7 | 3 | 2 | 8 | 2 | 3 | 3 | 2 | 4 | 2 | 0 | |
| Interest | 7 | 5 | 4 | 5 | 4 | 3 | 4 | 3 | 2 | 1 | 1 |
| Depreciation | 0 | 1 | 1 | 1 | 8 | 8 | 11 | 13 | 13 | 13 | 13 |
| Profit before Tax | -1 | -1 | 2 | 11 | 12 | 13 | 29 | 30 | 20 | 8 | 12 |
| Tax % | -0.00% | -0.00% | -499.36% | 25.79% | 26.02% | 23.10% | 28.86% | 29.66% | 50.75% | 26.18% | 25.77% |
| Net Profit | -1 | -1 | 9 | 8 | 9 | 10 | 21 | 21 | 10 | 6 | 9 |
| EPS | 2.75 | 4.28 | 7.77 | 6.00 | 5.38 | 4.86 | 9.15 | 9.32 | 4.30 | 2.67 | — |
| Dividend Payout % | 0.00% | 0.00% | 36.61% | 33.52% | 29.64% | 40.19% | 21.86% | 23.60% | 23.26% | 37.47% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 4%
- 5 Years:
- 9%
- 3 Years:
- 0%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- —
- 5 Years:
- -8%
- 3 Years:
- -34%
STOCK PRICE CAGR
- 10 Years:
- 27%
- 5 Years:
- 11%
- 3 Years:
- 4%
- 1 Year:
- 15%
RETURN ON EQUITY
- 10 Years:
- 11%
- 5 Years:
- 14%
- 3 Years:
- 11%
- Last Year:
- 5%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 | 23 |
| -8 | 2 | 19 | 29 | 54 | 62 | 78 | 95 | 100 | 103 | |
| 50 | 35 | 33 | 37 | 21 | 27 | 20 | 10 | 9 | 7 | |
| Trade Payables | 20 | 3 | 2 | 2 | 13 | 13 | 12 | 14 | 7 | 12 |
| 27 | 57 | 111 | 120 | 146 | 41 | 53 | 59 | 46 | 70 | |
| Total Liabilities | 112 | 120 | 188 | 210 | 256 | 166 | 187 | 200 | 184 | 215 |
| 19 | 3 | 3 | 2 | 42 | 55 | 66 | 66 | 61 | 59 | |
| Capital Work in Progress | 3 | 0 | 0 | 0 | 4 | 2 | 1 | 9 | 7 | 39 |
| 6 | 6 | 5 | 5 | 0 | 30 | 30 | 33 | 33 | 33 | |
| 9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38 | 40 | 43 | |
| Cash & Bank | 3 | 2 | 3 | 6 | 9 | 5 | 13 | 20 | 15 | 20 |
| 72 | 109 | 177 | 197 | 201 | 73 | 77 | 34 | 29 | 20 | |
| Total Assets | 112 | 120 | 188 | 210 | 256 | 166 | 187 | 200 | 184 | 215 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 22 | 21 | 14 | 14 | 38 | 10 | 42 | 49 | 12 | 22 | |
| Cash from Investing | 9 | -3 | -37 | -20 | -15 | -9 | -22 | -16 | -9 | -12 |
| Cash from Financing | -41 | -10 | 26 | 5 | -44 | -7 | -10 | -25 | -9 | -5 |
| -5 | 4 | 1 | -5 | -11 | -4 | 8 | 7 | -6 | 6 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-27 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-26 - NELCO Limited has informed the Exchange about Credit Rating- Revision (Chang in Outlook)
2026-08-17 - NELCO Limited has informed the Exchange about "Nelco Announces Strategic Partnership with Elveo to bring Next Generation Direct-to-Device and IoT Connectivity to South Asian Markets"
2026-08-17 - NELCO Limited has informed the Exchange about Strategic Investment in Lunar Holdco, Inc.
2026-07-18 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication
2026-07-16 - NELCO Limited has informed the Exchange regarding Change in Auditors of the company.
2026-07-16 - NELCO Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.
2026-07-07 - NELCO Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018
2026-06-30 - NELCO Limited has informed the Exchange about Copy of Newspaper Publication
News
Recent coverage and analyst commentary for NELCO
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